Business Strategy

Crowdsourced Business Models

Crowdsourced Business Models

Crowdsourcing can take place on many different levels and across various industries. Thanks to our growing connectivity, it is now easier than ever for individuals to collectively contribute and share — in any form: Information, knowledge, Ideas, Suggestions, Time, Know-how & Expertise, or even Funds — to a project or cause. This practice of mobilizing the crowd to a particular cause is called crowdsourcing. In the below mentioned illustration we have tried to cite some of the Crowdsourced  business model which entails the act of engaging a ‘crowd’ or group for a common goal — often innovation, problem solving, or efficiency.

This practice of sourcing elements from Crowd can help organizations with the access to new ideas and solutions. Some of the natural benefits of Crowd Business Models are, higher level and deeper consumer engagement, opportunities for co-creation, optimized tasks, and lower costs. The revolutionary practice has been brought into existence by the Internet and social media. Crowd sourced models have brought organizations together and closer to their stakeholders, laying the very groundwork for newer ways of , working together, collaborating and creating value together like never before.

Crowd sourced business model

Image Source:

Thanks for rating this! Now tell the world how you feel - .
How does this post make you feel?
  • Excited
  • Fascinated
  • Amused
  • Bored
  • Sad
  • Angry

More in Business Strategy

Top LMS Integrations You Need to Improve elearning

Kamy AndersonApril 7, 2017

Make Your Professional Bio Sound Like You: Tips On Writing An Autobiography

Eleanor SummersMarch 28, 2017

4 Ways to Become Your Own Boss

Dan RadakMarch 28, 2017

Google’s Andromeda and Microsoft’s Andromeda: Are They the Same?

William BournMarch 22, 2017

Top 5 tips for marketers to deal with the influx of data now available

Charles GoodwinMarch 21, 2017

Improve Your Business Decisions Through Camping

Williams YoungMarch 21, 2017

How To Make Money From Your Invention

Tabitha GellerMarch 16, 2017

How Business Automation Helps Your Efficiency

Dan RadakMarch 15, 2017

Spread The Word: How To Optimize Your Business Reputation

Kara MastersonMarch 8, 2017